Barnwell of Canada, Limited (“BOCL” or the “Company”) has initiated a process to divest of the Company’s non-core, largely non-operated, conventional light oil and natural gas assets which averaged ~140 bbl/d and ~350 Mcf/d and generated annualized net operating income of $1.0 million (the “Properties”) to BOCL’s working interest in Q4/2020.
ARCO Capital Partners Inc. has been retained as financial advisor to assist in this sales process.
The Properties include:
Wood River
- 21.15% interest in oil producing Basal Quarts Unit and ~65% working interest in two Leduc oil wells
- Q4/2020 net production of 80 bbl/d and 54 Mcf/d with $540M of annualized NOI
Medicine River
- Interest in Cenovus operated Pekisko N Pool Unit which is producing on a gas injection scheme, with ~3.6 MMcf/d of the Unit’s ~4.6 MMcf/d of production being reinjected into the Pekisko Formation
- Q4/2020 net production to BOCL of 23 bbl/d and 78 Mcf/d with $90M of annualized NOI
Kaybob South
- 14.35% non-operated interest in four gross horizontal wells producing from the Dunvegan E Pool
- Q4/2020 net production to BOCL of 16 bbl/d and 39 Mcf/d with $170M of annualized NOI
Bonanza
- 22% non-operated interest in two producing vertical wells from the Kiskatinaw Formation and 75% operated interest in a single producer from the Baldonnel Formation
- 8 sections with mineral interests in the Charlie Lake Formation
- Q4/2020 net production to BOCL of 24 bbl/d and 16 Mcf/d with $150M of annualized NOI
Thornbury
- Non-operated 11.4% working interest in CNRL operated field which produces natural gas from the McMurray and Grand Rapids Formations
- Q4/2020 net production to BOCL of 176 Mcf/d with $54M of annualized NOI
The Properties also include miscellaneous minor interests dispersed throughout Alberta, highlighted in the data room.
Further details on the Properties can be found here.
Interested parties should contact Dejan Kukic at dkukic@arcocapital.ca or 403.560.2398 for additional information relating to the sales process.